Thursday August 30 11:48 AM ET
ECB, Hailing Moment of History, Unveils Euro Notes
By Jonathan Gould
FRANKFURT (Reuters) - The President of the European Central Bank, hailing a ``moment in which the flow of history is present,'' unveiled on Thursday the new banknotes and coins which some 300 million Europeans will start using on January 1.
Wim Duisenberg, declaring the euro was a symbol of unity in a continent whose past had been scarred by bloody wars, said Europeans would come to love the currency which is replacing their familiar francs, marks, and other national currencies.
Twelve of the 15 euro zone countries will start to use euro notes and coins in four months time after a massive advertising campaign to familiarize them with the new money which has been a reality only on the foreign exchange markets since the start of 1999.
An almost military operation is being planned to distribute some 14.5 billion notes and 50 billion coins, delivering them to banks in even the remotest towns, villages and islands.
``The euro is much more than just a currency. It is a symbol of European integration in every sense of the word,'' Dutchman Duisenberg told a crowded news conference which had just learned that the ECB had cut its main interest rate by a quarter point.
``Central bankers are not supposed to express emotions or to have dreams...They are supposed to speak and think about numbers.''
``Forgive me if I make an exception today. This is a moment in which the flow of history is present,'' Duisenberg said.
Asked whether he thought the general public would share his enthusiasm for the common currency, Duisenberg said: ``We have started today really and I am sure the Europeans and not only the Europeans will love the euro.''
The ECB presented for the first time the final design of the seven banknotes, with values up to 500 euros ($455) together with their security features, such as a watermark and a security thread.
MASS ADVERTISING TO EXPLAIN EURO FEATURES
The central bank has waited as long as possible to reveal the euro cash features to minimize criminals' chances of forging a currency which many users will initially be unfamiliar with.
The public will not have access to euro notes until after midnight on December 31, though they will be able to obtain ''starter packs'' containing the euro coins from mid-December.
The seven new notes will be different in size and color, although their design will be identical in all countries and will depict generic examples of European culture, such as bridges, from which all national characteristics have been removed.
The eight euro coins will have one side common throughout the region, with national motifs on the reverse side.
National currencies will circulate alongside the euro for up to two months after January 1, 2002.
The ECB will launch an 80 million euro mass media campaign in September whose main thrust is to make sure that everyone knows the euro is coming and can tell a real one from a fake.
The advertising agency Publicis was asked to coming up with a slogan to unite a campaign across 12 nations and 10 languages, whose shared experience includes two world wars.
It produced ``the Euro. Our money ``to suggest ownership and pride in the project which Duisenberg declared ``holds out a promise which will appeal both to Europeans and to visitors who arrive from around the world.''
The campaign will run on television, posters and print in all 12 euro zone countries, and will focus on explaining the security features of the currency and heighten public awareness of its arrival.
The ECB's campaign will be flanked by separate information campaigns in each country covering other practical aspects of the euro changeover.
Opinion polls show barely half the region want the new notes and many fear being cheated by shopkeepers using the confusion to charge higher prices.
But the euro has existed in non-cash form since January 1999, when fixed exchange rates were for the 11 countries who joined from day one came into force, with Greece winning membership one
year later.
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